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May 31, 2016

From Side Gig to Main Gig: 2 Things to Consider First

This thing you started to make some money on the side—to pay for the kids’ piano lessons or save up for a vacation—has really turned into something. You love seeing your business grow and you’re proud of this gift you...

Christy Wright - Side Gig Full Time Gig

This thing you started to make some money on the side—to pay for the kids’ piano lessons or save up for a vacation—has really turned into something. You love seeing your business grow and you’re proud of this gift you get to share. Being your own boss sounds like a great idea! So how do you know when it’s time to quit the day job and pursue your passion full-time?

This isn’t something you can take lightly. Depending on your current income, this decision is worth tens of thousands of dollars! The obvious question is, do you reasonably see yourself making enough money working for yourself? Here are some things you should consider:

Prerequisite #1:

You are turning away the work you’re passionate about because you can’t balance it with your 8-to-5. You feel like you’re working two full-time jobs (because you kind of are!) and something’s got to give. But that leads us to…

Prerequisite #2:

Your side business is CURRENTLY earning enough to support your family. I know you want to, but you shouldn’t assume that just because you invest more time (and/or money) into your business, you’ll see a bigger return.

I once coached a man who worked on his business 10 hours a week, and the business earned him $10,000 for the year. He assumed that if he quadrupled his time working on his business, the income would quadruple as well. So he quit his full-time job and worked on his side business full time. But the demand wasn’t there for 40 hours per week yet, so he earned just slightly over what he had the year before.

However, you don’t necessarily have to replace your full-time income. What you could do is reassess your budget and decide if you can live on less. Maybe you bring home $60k from your full-time job, and you’ve built your side gig up to $30k. Can you make it on $30k? If you’re prepared to make some cuts and live within a smaller budget, you can make that work.

The biggest thing I want you to remember is that when your side thing becomes your main thing, it’s no longer just an optional, fun, part-time side gig bringing in bonus cash. It’s your real job with a real boss (you), and you can’t afford to take your foot off the gas. If anything, that’s when you need to go for it like you never have, because it’s your only source of income.

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